Fannie Mae and Freddie Mac recently made changes to their lending requirements for condominiums in vacation areas and resort-like communities, but the process may be opaque and difficult to dispute by a homeowners association and its residents.
Every community association requires a set of governing documents to provide its legal framework and operation. CAI has a new resource to help attorneys, board members, and community managers when drafting or amending provisions that govern a community.
Community associations switched to virtual meetings early in the pandemic to ensure continuity in operations—which has brought flexibility to boards and managers and led to higher attendance from residents.
The COVID-19 pandemic is leading to higher operating expenses and unanticipated costs for many community associations. Taking note of financial impacts now can help associations better prepare for the future.
Service providers help community associations meet their responsibilities to residents. Follow these strategies to help you build, and maintain, successful partnerships with these professionals.